Jim Cramer said that crypto ‘deserves a place’ in the portfolio, Bitcoin went down
On the same day, CNBC Markets Analyst Jim Cramer reported that Bitcoin prices fell by 2%.
Cramer has become a meme for his investment advice, which many say is often the wrong call. Short-duration exchange-traded funds (ETFs) were comparable to buy recommendations.
On the Nov. 26 edition of CNBC's Mad Money, Cramer advocated crypto as a hedge against ownership deficits as U.S. debt rises above $36 trillion.
“I think Bitcoin, Ethereum and maybe some other cryptocurrencies deserve a place in your portfolio,” he said. “Perhaps one day, if the deficit is under control, I'll change my tune.”
In the last 24 hours, Bitcoin (BTC) has decreased by 2%, to around $92,700, still cooling after the rally that sent a peak of $99,571 on November 23.
Some users were quick to point out that, in line with the internet's “reverse creamer” effect theory, he only makes negative points about crypto.
Users who thought Cramer's support was counterintuitive piled up in the comments, demanding that he only cover negative points about crypto. Source: YouTube and X
“They've loved crypto for a long time,” Cramer said on the show. “Mainly because I know there are a lot of investors who want to buy something that can protect them from our government's battered budget.”
The host of Mad Money admits that he still owns crypto because “the stress of the national debt will never go away.”
“I'm going to call the top again recommending it,” Kramer said. “It's weird how I've been recommending gold and cryptocurrency for so many years, but they're both at all-time highs, and I'll take the heat anyway.”
RELATED: Is Trump's Win Confirmed? Jim Cramer says the markets predict a Harris victory.
In the year On the November 21st edition of Mad Money, Cramer told a caller that they should “own the winning bitcoin” at a time when bitcoin was hitting $98,000.
Cramer has had a love-hate relationship with crypto. He has previously advised holders to sell cryptocurrencies, saying they have “no real value”. Cramer has since admitted his mistake and talked about making money from owning crypto.
Magazine: Make Ethereum Feel Like Ethereum Again: Based Scrolls Explained.
